NIO EV Sales Continued To Grow In October 2023

But is it enough to achieve profitability?

NIO ES6

Mark Kane

By: Mark Kane

Nov 1, 2023 at 10:58am ET

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In October, NIO global electric car deliveries increased by almost 60 percent year-over-year to 16,074, which is a small improvement over September (15,641).

However, the numbers still appear too low to make the business profitable, as NIO's losses are estimated at around $35,000 per car. A real sales breakthrough would be needed for NIO to become profitable, it seems.

The overwhelming majority of NIO sales are in China. The company is expanding its business in Europe too.

The volume of 16,074 units last month includes 11,086 crossovers/SUVs (up 85 percent year-over-year) and 4,988 sedans (up 22 percent year-over-year). Both categories have been growing in recent months, which is a positive sign. The company does not provide a breakdown between the individual models.

NIO EV deliveries last month (YOY change):

Crossover/SUVs (EC6, ES6, EC7, ES7, ES8): 11,086 (up 85%)
Sedans (ET5, ET5 Touring, ET7): 4,988 (up 22%)
Total: 16,074 (up 60%)

NIO Car Sales – October 2023

So far this year, NIO delivered more than 126,000 electric vehicles, which is 36 percent more than a year ago.

NIO EV deliveries year-to-date (YOY change):

Crossover/SUVs (EC6, ES6, EC7, ES7, ES8): 69,593 (down 4%)
Sedans (ET5, ET5 Touring, ET7): 56,474 (up 186%)
Total: 126,067 (up 36%)

For reference, in 12 months of 2022, NIO sold more than 122,000 electric cars globally and hoped to double that result in 2023.

Cumulatively, NIO sold 415,6239 electric cars, which is a major milestone for the brand that launched its first model in June 2018.

2023 NIO ES6 (NT2.0)

NIO ET5 Touring Exterior 26

NIO ET5 Touring

Model Lineup

As we noted in September, the NIO has completed its model switchover from the NT1.0 to the NT2.0 platform and all models are now NT2.0-based and refreshed.

NIO Technology (NT2.0) platform:

Crossover/SUV: new EC6, new ES6, EC7, ES7, new ES8
Sedans: ET5, ET5 Touring (ET5T), ET7
*in Europe ES6 is EL6, ES7 is EL7

NIO Technology (NT1.0) platform (retired):

EC6, ES6, ES8

Now is the time to ramp up production and sales and to develop new products, while at the same time expanding geographically.

What do you think?

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One of the most interesting things is that as of the end of October, NIO's network of battery swap stations expanded to 2,079 stations globally (mostly in China, with a small number of sites in Europe), including 621 along expressways in China.

Meanwhile, the NIO's charging network consisted of 1,923 Power Charger Stations with 9,122 supercharging piles and 1,436 destination charging stations with 10,457 destination chargers.